Mid-Tier Road Map
KEFI
GOLD + COPPER
NPV's to KEFI
of the Development Projects
Net Present Value for KEFI at
Hawiah
Jibal Qutman
Total
Issued
31 December 2021 Metal Prices:
NPV
NPV
NPV
NPV
Shares
Pence Per
Share
30/06/2020
£114 mill
0
31/12/2020
£164 mill
£80 mill
30/06/2021
£205 mill
£74 mill
000
£114 mill
1,867 mill
£244 mill
2,137 mill
£279 mill
31/12/2021
£191 mill
£128 mill
£29 mill
£348 mill
2,153 mill
2,939 mill
6232
11
13
12
Footnotes:
Assumed exchange rate was rate US$1.35:£1.00
JV Ownership Levels: Ethiopia 45% in 2020 and 70% in 2021; Saudi 34% in 2020 and 30% in 2021
31 December 2021 Metal Prices:
Gold Price is US$1,830/oz
Copper Price is: US$9,750/t
Zinc Price is US$3,590/t
Silver Price is US$23/oz
Explanatory Notes:
* NPV is derived by KEFI using independently created financial models of net cash flows after tax
and debt service, using a discount rate of 8%;
*Tulu Kapi open pit model is based on the Definitive Feasibility Study ("DFS") as updated for any
refinements during project contracting and in-country experience;
*Tulu Kapi underground mine model is based on the internal Preliminary Economic Assessment ("PEA");
*Hawiah assumes preliminary mine modelling for open pit and underground because the MRE has only
recently been updated. Also includes preliminary debt leverage;
*Jibal Qutman model is based on the internal PEA, preliminary debt-leverage applied.
29View entire presentation